Everything you need to make the right decisions

Providing the most comprehensive and up-to-date information and analysis of the Retail Banking and Credit Unions market, and the behaviours, preferences and habits of the consumer.

Mintel has the answers you’re looking for

What are the key challenges facing the industry and how fast are its rates of growth? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?

Definition

This Report covers consumer opinion and behaviors in regards to
retail banking and credit unions, including:

Location of primary accounts

Consumer banking behaviors

Reasons for bank switching

Important banking features

Expert analysis from a specialist in the field

Written by Chris Shadle, a leading analyst in the Financial Services sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

While the amount of total deposits held at US banks and credit unions continues to grow, the number of companies controlling the industry has steadily shrunk. Nonetheless, consumer satisfaction and demand for a physical presence remains high. While consumers—especially younger generations—are eager to utilize the latest technological advancements, trust and inertia continue to be the primary drivers of loyalty.
Chris Shadle
Financial Services Analyst

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What's included

What's included

Databook

Executive Summary

Infographic Overview

PowerPoint Presentation

Report PDF

Previous Editions

Table of contents

Table of contents

Overview

What you need to know

Definition

Executive Summary

Overview

The issues

Young consumers are not checking their deposit accounts regularly

Figure 1: Deposit account usage, by generation, November 2017

Inertia and trust drive loyalty

Figure 2: Reasons to stay at financial institution, November 2017

Black consumers use debit, not credit

Figure 3: Banking behaviors, use of bank debit and credit cards, by race/ethnicity, November 2017

The opportunities

Mobile app usage is growing, while mobile payments lag behind

Figure 4: Banking behaviors, use of mobile and online banking, by generation, November 2017

Attitudes toward the Financial Services Industry

Majority of consumers prefer to have their accounts with one institution

Figure 34: Attitudes towards banks and banking, preference for single insitutuion, by race/ethnicity, November 2017

Millennials and Hispanics want help reaching their financial goals

Figure 35: Attitudes towards banks and banking, help reaching financial goals, by age and race/ethnicity, November 2017

The bottom line still matters in financial services

Figure 36: Bank switching behavior, November 2017

Figure 37: Discover, Direct Mail Piece, January 2018

Understanding Bank Loyalty

Inertia and trust drive consumer loyalty

Figure 38: Reasons to stay at financial institution, November 2017

Non-Millennials place greater value on trust

Figure 39: Reasons to stay at financial institution, by generation, November 2017

Building a Better Branch Experience

Consumers want flexible hours and more branches

Figure 40: TURF analysis, future of the branch, November 2017

BMO Harris invites customers to Smart Branch opening

Figure 41: BMO Harris bank, direct mail piece, June 2017

Appendix – Data Sources and Abbreviations

Data sources

Consumer survey data

Direct marketing creative

Abbreviations and terms

Abbreviations

About the report

This report will give you a complete 360-degree view of your market. Not only is it rooted in robust proprietary and high-quality third-party data, but our industry experts put that data into context and you’ll quickly understand:

The Consumer

What They Want. Why They Want It.

The Competitors

Who’s Winning. How To Stay Ahead.

The Market

Size, Segments, Shares And Forecasts: How It All Adds Up.

The Innovations

New Ideas. New Products. New Potential.

The Opportunities

Where The White Space Is. How To Make It Yours.

The Trends

What’s Shaping Demand – Today And Tomorrow.

Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted.